Many salaried employees ignore the individual health insurance and depend on mediclaim/health insurance provided by their employer ( office health policy). But it has been observed in many cases the cover provided by the employer is insufficient to counter the growing hospitalization expenses.
Let’s see which are the reasons one shouldn’t depend on health cover from the employer, and have a individual health insurance or a top-up above the mediclaim.
The employer gives cover for 1-3 lacks. Which is insufficient as for major illness like heart bypass, Cancer package starts from 3.5 Lacks.
Your employer won’t cover you after your retirement.
If you are thinking I will buy health insurance just before retirement, think again? cause something happens during this period there is a possibility you don’t get health insurance as your application might get rejected due to medical history.
When you change job, you are left with no cover. If something happens to you then you have to pay the bills.
The government has increased 80D limit, Government wants its citizens to have enough health insurance as it protects individual from financial liability.
Recently in Budget government is giving health insurance cover of 5 Lacks for 50 crores people who can’t afford it. If Government is taking care of their citizens, why you are shying away for taking care of your own family?
Also, it costs average Rs 10-15k which is very small amount as compared to any medical bills of Rs 2-3 Lacks.
So it’s always advisable to have a individual health insurance or a top-up.